Hardware Retailing The Industry's Source for Insights and Information
The Sherwin-Williams Company and PPG Industries Inc. recently released financial results for the third quarter of 2025.
Sherwin-Williams
Consolidated net sales in Q3 increased 3.2% to $6.36 billion for Sherwin-Williams. Net sales increased primarily due to higher sales in the Paint Stores and Performance Coatings Groups. In the Paint Stores Group, net sales increased 5.1% in the third quarter of 2025, compared to Q3 2024. Net sales in the Performance Coatings Group were up 1.7% from the third quarter of 2024.
Comparable store sales increased 3.6% in the Paint Stores Group, compared to an increase of 2.2% in 2024. Net income increased 3.3% in the quarter to $833.1 million or 13.1% of net sales.
“Sherwin-Williams delivered solid third quarter results as we continued to execute our strategy in a demand environment that remains softer for longer as we have previously described,” says chair, president and chief executive officer, Heidi G. Petz. “Throughout the quarter, we continued to serve our customers, invest for success, control our costs, take advantage of a unique competitive environment and execute on our enterprise priorities.”
The company also released guidance for the fourth quarter of 2025 and the full year of 2026. Net sales are expected to increase by low to mid-single digits in Q4 2025 and by low-single digits in 2026.
PPG
PPG posted net sales of $4.1 billion in the third quarter, a 1% increase year over year and down 2.38% from Q2 2025.
Net income for the quarter was flat year over year at $444 million, but down 1.33% from Q2 2025. Diluted earnings per share were $1.96 and adjusted EPS were $2.13, an increase of 5% year over year.
“Strength in the quarter was driven by demand for PPG’s technology-advantaged products, resulting in double-digit organic growth in aerospace coatings, protective and marine coatings and packaging coatings,” says Tim Knavish, PPG chairman and CEO. “Additionally, we delivered above-market growth in automotive original equipment manufacturer coatings stemming from share gains. Overall demand for architectural coatings has improved sequentially as organic sales were flat in the quarter, with growth in Mexico offsetting a modest decline in Europe.”
Knavish expects Q4 to be strong, despite the current macroeconomic environment, and believes the company has benefited from share gains in its industrial coatings segment.
PPG expects its full-year earnings to range from $7.60-$7.70 per share.
